Cal-Maine Foods Stock Forecast
Green day on Friday for Cal-Maine Foods stock after gaining 1.07%
(Updated on May 24, 2024)
The Cal-Maine Foods stock price gained 1.07% on the last trading day (Friday, 24th May 2024), rising from $59.71 to $60.35. During the last trading day the stock fluctuated 1.77% from a day low at $59.34 to a day high of $60.39. The price has risen in 6 of the last 10 days and is up by 5.36% over the past 2 weeks. Volume fell on the last day by -236 thousand shares and in total, 377 thousand shares were bought and sold for approximately $22.73 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Cal-Maine Foods stock with a 90% probability to be traded between $55.01 and $62.60 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CALM Signals & Forecast
The Cal-Maine Foods stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $59.54 and $58.95. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -1.18%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Cal-Maine Foods stock
Cal-Maine Foods finds support from accumulated volume at $59.41 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.05 (1.77%) between high and low. For the last week, the stock has had daily average volatility of 2.88%.
Our recommended stop-loss: $58.41 (-3.21%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (CALM) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Cal-Maine Foods to open at $60.03, and during the day (based on 14 day Average True Range), to move between $58.87 and $61.83, which gives a possible trading interval of +/-$1.48 (+/-2.46%) up or down from last closing price. If Cal-Maine Foods takes out the full calculated possible swing range there will be an estimated 4.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $61.04 (1.14%) than the support at $59.41 (1.56%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Cal-Maine Foods stock A Buy?
Cal-Maine Foods holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.214 Hold/Accumulate Unchanged
Predicted Opening Price for Cal-Maine Foods of Tuesday, May 28, 2024
Fair opening price May 28, 2024 | Current price |
---|---|
$60.03 ( 0.536%) | $60.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CALM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 61.08 | 1.20 % | |
R2 | 60.68 | 0.539 % | ||
R1 | 60.43 | 0.129 % | ||
Current price: | 60.35 | |||
Support | S1 | 59.63 | -1.20 % | |
S2 | 59.38 | -1.61 % | ||
S3 | 58.98 | -2.28 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 62.90 | 4.23 % | |
R2 | 62.80 | 4.06 % | ||
R1 | 61.04 | 1.14 % | ||
Current price | 60.35 | |||
Support | S1 | 59.41 | -1.56% | |
S2 | 59.40 | -1.57% | ||
S3 | 58.91 | -2.39% |
CALM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 02, 2024 | Apr 30, 2024 | May 16, 2024 | $1.00 | 1.71% |
2 | Nov 27, 2007 | Jan 30, 2024 | Feb 15, 2024 | $0.116 | 0.203% |
3 | Oct 31, 2023 | Oct 31, 2023 | Nov 16, 2023 | $0.0060 | 0.0121% |
4 | Nov 27, 2007 | Aug 04, 2023 | Aug 22, 2023 | $0.755 | 1.59% |
5 | Nov 27, 2007 | Apr 25, 2023 | May 11, 2023 | $2.20 | 4.59% |
FAQ
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